Jump to content
House Price Crash Forum

Jp Morgan Revealed As Mystery Trader That Bought £1Bn-Worth Of Copper On Lme


Recommended Posts

http://www.telegraph.co.uk/finance/newsbysector/industry/8180304/JP-Morgan-revealed-as-mystery-trader-that-bought-1bn-worth-of-copper-on-LME.html

The $1.5bn (£1bn) trade was described in the LME's daily update as "between 50pc and 80pc" of the 350,000 tonnes in reserves. This pushed up the price for the immediate delivery of copper to $8,700 – its highest level since the financial crisis in October 2008.

A high premium on the spot copper price normally reflects fear of a shortage of the metal, which is in hot demand across the world as a vital component in a mass of products from electrical gadgets to wiring.

A source close to the situation said that JP Morgan had bought the copper contracts, adding that amount is closer to the "lower portion of the range" disclosed by the LME.

Traders said JP Morgan's name had been circulating the market all day as the most likely buyer, especially since it is about to launch a physically-backed "exchange-traded fund" (ETF) in copper imminently.

One metals broker dealing on the LME said: "The story is that they're positioning themselves in front of the ETF. There's been a lot of speculation it's them."

Traders noted that there was no physical shortage of copper in the markets but that fears of a squeeze have persisted ever since a raft of investment banks announced their intention to launch ETFs this autumn.

So is this where some of the Ben Bernankes funny money is ending up?

So they are trying to ramp up the price to impress clients? So if the fund is backed by copper is it more of a purchasing power fund, ie you might suffer losses in nominal cash values but ultimately you'll retain purchasing power?

Link to post
Share on other sites

So is this where some of the Ben Bernankes funny money is ending up?

It is where nearly all of the money will go, this is why inflating away the debt is not as simple as many people think.

Printing to save the richest few percent of the global populations asset prices may meet some resistance when the other 98% are not doing so well with the bottom 30% starving.

Link to post
Share on other sites

Perfectly legal to buy stuff as long as you don't buy over 90% of it.

so, they cash in their impaired assets (financial) and they go and buy stuff in the real market with unparalleled amoutns of buying power and trade on their own account.

These arent banks, these are pirates.

Leeson went to prison becuase he traded on the Banks own account.

Link to post
Share on other sites

http://www.telegraph...per-on-LME.html

So is this where some of the Ben Bernankes funny money is ending up?

So they are trying to ramp up the price to impress clients? So if the fund is backed by copper is it more of a purchasing power fund, ie you might suffer losses in nominal cash values but ultimately you'll retain purchasing power?

New York (Hidden name New Amster-dam) The BIG Apple (red + green)

Manhattan = 9/11 = S.O.S. = Synagogue Of Satan ("Jews who are NOT Jews" at the helm)

Talking about 'Morgan'

Trinity Church which was damaged by the towers collapsing was built with the guilt-ridden 'blood' money donated by a Pirate!

Cap'n

Edited by erranta
Link to post
Share on other sites

Enterprise.

Until mid-19c. (at least in Britain) mostly in a bad sense: "scheming, ambitious, foolhardy."

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.